The Board of Directors of the Cassa Depositi e Prestiti has mandated the subsidiary Cdp Equity to submit a detailed offer for 88,06% of Autostrade per l'Italia held by Atlantia. The package includes a proposed agreement (memorandum of understanding) "aimed at identifying the main terms and conditions relating to the proposed transaction". This is what the CDP communicates in a note released this morning.
In detail, to present the offer will be BidCo, a newco formed Cdp Equity as majority shareholder at 40% and from foreign funds Blackstone e Macquarie (the first American, the second Australian), "initially" with 30% each. The transaction provides for the possible entry of other Italian investors into the shareholding structure of BidCo. Furthermore, under the terms of the offer, CDP will appoint the president and CEO of both BidCo and ASPI.
“Downstream of theoffer already sent last October 19th”, which was rejected by Atlantia, the consortium has made "a significant effort to deepen the evaluation aspects - continues the note - involving numerous work teams made up of professionals specialized in the motorway concessions sector and consultants of international standing".
The proposal confirms the price range already indicated above, but "submits an even more detailed offer which, if accepted, will lead to the identification of the definitive terms, conditions and price of the transaction, following a ten-week due diligence ”.
An initial feedback on the results of the due diligence is expected after four weeks. Furthermore, if Aspi's minority shareholders want to sell their shares, the consortium will be able to acquire up to 100% of the company.
“The offer sent today follows in the wake of what was proposed by Atlantia and Aspi in the letter to the Government of 14 July last - concludes the note - and is consistent with CDP's mission of supporting strategic infrastructures on a stable and long-term basis. The presence of Cdp is also functional to the supervision of a substantial investment plan for the modernization of the motorway network, the acceleration of maintenance programs and the promotion of integrated logistics and solutions in favor of sustainable mobility”.
